Markets Are Quiet. Too Quiet.
Many Happy Returns
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Morgan Stanley's Bearish View on the US Debt Ceiling
The last time the U.S. came close to default, there was a big move in markets afterwards. This time around, I'm not convinced that's going to be what people do,. inflation is still running pretty hard, and the real yield on a lot of these Treasuries is not far off, zero. But do you buy this story that we've now resolved the debt ceiling? And ironically, the resolution is what's going to blow up the world.
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